Procera Networks Inc - Current report filing (8-K)
May 19 2008 - 5:11PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported):
May 13, 2008
______________
Procera
Networks, Inc.
(Exact
name of Registrant as specified in its charter)
______________
Nevada
|
|
000-49862
|
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33-0974674
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
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100
Cooper Court, Los Gatos, CA
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95032
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(Address
of principal executive offices)
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(Zip
Code)
|
(408)
354-7200
(Registrant’s
telephone number, including area code)
______________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May
13, 2008, the Board of Directors, or the Board, of Procera Networks, Inc., or
the Company, elected Todd Abbott to join the Board, effective May 13,
2008. Mr. Abbott will not initially serve as a member of any
committee of the Board.
Mr.
Abbott will be entitled to receive the standard compensation offered to
non-employee directors as follows: an annual retainer of $10,000 and $1,000 for
attending each Board meeting in person or $500 for attending
telephonically. Mr. Abbott may make the annual election to
forego the cash compensation payable to non-employee directors and to instead
receive an additional option grant, equivalent in value to such cash
compensation. All annual cash compensation amounts are earned on a quarterly
basis. Mr. Abbott is also eligible for reimbursement of his expenses
incurred in connection with attendance at meetings of the Board in accordance
with our policy.
Mr.
Abbott will also be entitled to receive an option to purchase 3,750
shares of the Company’s common stock each quarter at the fair market value on
the first day of each quarter.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Procera
Networks, Inc.
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By:
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/s/
Thomas H. Williams
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Name:
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Thomas H. Williams
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Title:
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Chief
Financial Officer
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Dated: May
19, 2008
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